Dr. Rajan Mahtani Wins Back Zambezi Portland Cement With Judgement From Court Of Appeal


As per the latest judgement by Court of Appeal, Dr. Rajan Mahtani wins back Zambezi Portland Cement. This decision from Court of Appeal came almost nine months after it was approached. The decision by Dr. Rajan Mahtani to approach the Court of Appeal was due to the unethical judgement by the Lusaka High Court. The Lusaka High Court was overseeing the case of Zambezi Portland for almost a decade and after more than ten years; it announced its final decision. However, this decision was truly shocking as the judge announced that the Ventriglias were only shareholders of the Zambezi Portland Cement. As a result, Dr. Rajan Mahtani was forced to approach Court of Appeal.
The decision from Court of Appeal came on 31st January 2019 and was given by justice Mwinde. According to this decision, Finsbury Investments holds 58 percent shares at the factory. On the other hand, Ventriglias hold 42 percent shares at the factory. From this shareholding pattern, it is clear that Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder of Zambezi Portland Cement. This decision also aligns with the original Shareholders Agreement which was established in the year 2007. Furthermore, the judge from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as the only shareholders as this decision was against the interest of the public policies.
As of now, the justice from the Court of Appeal provided a timeline of three months from the judgement date. During this time, all parties are required to complete their process of shares regularization as per the new judgement given.

Location: Zambia

Comments

Post a Comment

Popular posts from this blog

Lusaka High Court’s Decision On Portland Cement Zambia Unjustified

Image
The case of Portland Cement Zambia is known to all. The factory is presently contested for its legal claims, and one of the contestants is Dr. Rajan Lekhraj Mahtani. Dr. Mahtani is one of the top known and highly respected businessmen in Zambia. He has more than thirty years of successful business experience which includes establishment of top companies in Zambia such as Mahtani Group of Companies, Finsbury Investments and Finance Bank Zambia. Apart from this, Dr. Mahtani is also known for his charitable and philanthropic activities . He has contributed to numerous charitable activities and organisations such as social and environmental NGOs. Despite these activities and his transparent and ethical business practices, he is often the target of conspiracies and jealous people. There is no doubt that the present Zambian law and government is challenged with issues such as corruption and bureaucracy. This has not only reduced the economic growth and viability of the nation...
Read more

Dr. Rajan Lekhraj Mahtani To Approach London HC Via Omnia Strategy

Image
Dr. Rajan Lekhraj Mahtani, a noted businessman and philanthropist in Zambia, recently hired international law firm Omnia Strategy for pursuing a claim case. This case is against Atlas Mara, a banking and financial group that was established in Africa by Bob Diamond. Atlas Mara was floated across Africa in the year 2013 with the objective of becoming a banking and financial giant. To achieve this objective, the banking group underwent several acquisitions and takeovers with the objective of expanding its businesses and operations. One of these takeovers was Finance Bank Zambia , a company owned by Dr. Rajan Lekhraj Mahtani. However, Finance Bank Zambia has now come under flak for unethical practices with Dr. Rajan Mahtani charging multi-million pound damage claim against Atlas Mara and Bob Diamond over disputed sales & purchase of the Zambian bank.  Atlas Mara is a company listed at the London Stock Exchange (LSE). According to the claims made by Zambian tycoon Dr. Rajan Lekhra...
Read more

Dr. Rajan Mahtani Contributes To Zambian Education Sector With Philanthropic Work

Image
Dr. Rajan Lekhraj Mahtani established Steven Malama award successful for seventh year in a row, provides award and recognition for the deserving law students. The award was established in the year 2012 and given for the first time in 2013. The award is given to the top graduating student from the Zambia Institute of Advanced Legal Education after qualifying for bar in their first attempt.  The purpose for establishing this award was two folds. The principal reason was respecting the noteworthy commitments of late Steven Malama who was a dear companion of Dr. Rajan Lekhraj Mahtani and a known facilitator towards improving the legitimate structure of Zambia. The second purpose for founding the award was Dr. Rajan Mahtani's familiarity with the present status of legal education in Zambia. While it isn't workable for a private businessmen like Dr. Mahtani to change the current approaches and guidelines set up by the Government, Dr. Rajan Lekhraj Mahtani did his part by founding a...
Read more